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10 06 2024

  • AP News
  • GCaptain

Port of Baltimore Clears Debris, Becomes Fully Operational Again

The Fort McHenry Channel is fully cleared, and the Port of Baltimore has officially reopened for business.

Salvage crews in Baltimore have successfully removed the final large steel truss segment of the collapsed Francis Scott Key Bridge. The channel is now restored to its original operational dimensions of 700 feet wide and 50 feet deep.

Local officials expect commercial shipping traffic through the Port of Baltimore to return to normal levels in June ’24. Routine maintenance of the channel will ensure future dredging operations will not be impacted.

More information

03 06 2024

    Newly Built Vessels Are Beginning to Impact Market Capacity

    During Q1 ‘24 the container shipping industry witnessed a record delivery of >1 million 20’ TEUs of capacity. The new build order book now stands at 6.1M TEU or roughly 21% of the current fleet.  

    • A record 2.3M TEU was already delivered in 2023. 
    • Container volumes only grew 4% between 2019-2023 whereas the fleet grew 21%.  
    • Between 2023-2025, the fleet is expected to grow another 15%.  

    The number of new vessels expected to be delivered in ‘24/’25 will likely offset high demand, putting added pressure on shipping profitability. Small and mid-size operators are frequently becoming tonnage providers to the mainline operators, as they can earn more money by leasing their vessels in a market with a tight supply. 

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    01 06 2024

    • Journal of Commerce

    Singapore Experiencing Critical Congestion

    Congestion in Singapore, the world’s second-busiest container port, has reached a critical level, compounding the shortage of ships and containers. Linerlytica data indicates that containerships must wait up to seven days to berth in Singapore, with roughly 450,000 TEU of vessels recently in the queue. As berthing delays lengthen, container lines are increasingly skipping the port to keep their vessel schedules as consistent as possible.   

    Full story

    16 05 2024

    • Journal of Commerce

    West Mediterranean Ports Struggle with Congestion

    Rising volumes and larger ships are overwhelming container hubs in the West Mediterranean. Maersk estimates that the Asia-North Europe and Mediterranean trade will lose 15-20% of its capacity during Q2 ‘24 as carriers add more ships to maintain their weekly sailing schedules. 

    Full story

    14 05 2024

      U.S. Increases Section 301 Tariffs Toward China in Key Sectors

      The U.S. Government announced a range of new tariffs on Chinese imports. U.S. Trade Representative Katherine Tai released a statement that proposes the following Section 301 tariff modifications in strategic sectors: 

       

      Battery parts (non-lithium-ion batteries)          Increase rate to 25% in 2024 
      Electric vehicles          Increase rate to 100% in 2024 
      Facemasks        Increase rate to 25% in 2024 
      Lithium-ion electrical vehicle batteries           Increase rate to 25% in 2024 
      Lithium-ion non-electrical vehicle batteries  Increase rate to 25% in 2026 
      Medical gloves             Increase rate to 25% in 2026 
      Natural graphite  Increase rate to 25% in 2026 
      Other critical minerals  Increase rate to 25% in 2024 
      Permanent magnets  Increase rate to 25% in 2026 
      Semiconductors           Increase rate to 50% in 2025 
      Ship-to-shore (STS) cranes     Increase rate to 25% in 2024 
      Solar cells (whether or not assembled into modules)  Increase rate to 50% in 2024 
      Steel and aluminum products  Increase rate to 25% in 2024 
      Syringes and needles               Increase rate to 50% in 2024 

      More information

      08 05 2024

        Canadian National Railway & Canadian Pacific Kansas City Workers Threaten Major Strike

        Thousands of Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) railway workers—part of the Teamsters Canada Rail Conference (TCRC) union—recently voted to strike as early as Wednesday, 22 May 2024. A legal work stoppage could occur if the parties do not reach new collective agreements during the mediation period.

         

        Canada’s Transport Minister Pablo Rodriguez said the government is concerned and implored both sides to negotiate in good faith. Any work stoppage would likely cause significant disruptions, delays, congestion, additional costs, and equipment shortages.

         

         

        Latest updates

        • Journal of Commerce
        • Maritime Executive

        South Korea Invests in Container Capacity

        South Korea’s government will provide $4B in financing to help double the country’s container shipping fleet to 2M TEUs by 2030. This follows HMM’s 2022 announcement when the carrier pledged to invest $11.4B over five years for new vessels, terminals, and logistic facilities. HMM will expand its container ship fleet from 84 ships to 130 by 2030 while also increasing its lifting capacity from 920,000 TEUs to 1.5M. 

        • Busan recently launched a 7th container terminal, further extending its capacity. The new facility is the first fully automated terminal in the country featuring remotely controlled ship-to-shore (STS) cranes built in Korea. The automated transfer of cargo from ships is expected to raise the port’s productivity by up to 20% while also significantly lowering the risk of safety-related incidents. 

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        28 04 2024

        • Journal of Commerce

        Dual-fuel Vessels Dominate Orderbook

        Almost 60% of new vessels delivered before 2030 are designed to run on alternative fuels. Still, market fragmentation is slowing the production and uptake of renewable fuels in the maritime sector. 

        Orderbook composition:  

        • LNG: 33.3% 
        • Methanol vessels: 21.1% 
        • Traditional bunker fuels: 45.6% 

        Learn more

        22 04 2024

        • Journal of Commerce
        • Maritime Executive

        Port of Portland Closure

        The Port of Portland will cease operations on 1 October 2024 amidst growing financial losses. After negotiations with a potential third party collapsed, the local port authority was faced with no port operator, a lack of financial support from the state, and mounting financial losses that could no longer be offset.  

        More information

        19 04 2024

        • International Railway Journal

        Uruguay Reopens Central Railway

        Uruguay reopened its Central Railway, an upgraded 273km north-south line from Paso de Los Toros to the Port of Montevideo.  

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